A white paper prepared by the six largest Canadian banks called the ‘Payments Security White Paper’ has been released (White Paper).  The White Paper was guided by three key principles: the need for security, the need for openness or accessibility and the desire to support innovation in mobile payments. The White Paper sets out the evolution of mobile payments in Canada, reviews the risks associated with mobile payments and looks at possibilities for the future.

The White Paper proposes that to achieve the key principles:

  • mobile payments should be at least as secure as chip and PIN payments;
  • robust customer identification and verification processes should be in place to protect against fraud; and
  • the proposition has to be of value to the customer.

A copy of the White Paper is available here.

What action could be taken to manage risks that may arise from this development?

None - for interest at this stage.